The real estate market is a slow moving, global industry which has not changed the way it does business since the invention of the internet brought real estate advertising online. Ruden Holdings(TYO:1400) is the world’s first publicly listed business moving to truly embrace blockchain technology, with ambitious plans to enable the purchasing of real estate using cryptocurrencies. And Ruden Blockchain is the first project legalized by both the FSA an SEC in Japan.
Using the Ruden blockchain will speed up cumbersome transaction times and eliminate expensive fund transfer costs associated with buying property, particularly with international payments. Coupling Ruden’s cryptocurrency with smart contracts will allow secure “trustless” transactions, whereby neither party needs to trust the other. Transactions can occur virtually instantly, with funds or property deeds returned to the original owners if an agreement is not kept. This also removes the need for a third party to act as the middleman in the purchasing of real estate, leading to significant cost reductions.
In some East Asian property markets like Japan, a lack of space & rapidly accelerating urbanisation has led to the majority of housing consisting of apartments in high rise buildings becoming the norm. Communities living in shared buildings brings a raft of issues, such as the need for maintenance fees, difficulties in coming to a consensus about community rules and decisions which will affect building tenants such as renovations.
The Ruden platform will allow entire buildings to have communal cryptocurrency wallets for maintenance, removing the need for traditional bank escrow and reducing the number of staff required for the collection and distribution of maintenance funds. This open ledger system allows the tenants to directly track how their maintenance fees are spent and reduce the opportunity for corruption to enter the system.
With data being touted as the new oil in terms of value, Ruden aims to unlock the value sitting in isolated data silo’s by encouraging market participants to upload current data about the real estate market. Through the collection of up to date data in a standardised format, Ruden will enable large scale data mining and analysis. The data collection platform is a hybrid system which combines the easily updatable nature of databases with the transparent nature of blockchain. This system will greatly benefit individuals looking to buy property, and also those looking to do market research, reducing the costs and a time involved.
Ruden Holdings have partnered with Blockshine, a rapidly developing blockchain technology and consultant company & Blockchain Global, a blockchain ecosystem and incubator which has invested in more than eighty blockchain projects to date. Ruden has recently opened an office in Singapore to manage the blockchain platform, and has recently launched a website for the Ruden blockchain project which can be found at https://ruden.sg/
Media Contact
Company Name: Ruden Blockchain
Contact Person: Kelly Wang
Email: Send Email
Country: Singapore
Website: https://ruden.sg/
